Best Insurance

Lloyds to axe further 400 jobs across UK (11-Nov-2010)

Banking giant Lloyds announced that it yet again plans to axe more than 400 jobs across the UK, including about 70 in Scotland.

The move will take the total number of redundancies in the group to a whooping 22,000 since it was part-nationalised in September 2008.

The main casualties this time around will be the bank’s business and corporate services and its personal finance division – Black Horse. About 420 roles are expected to be shed in these areas. It was also said that about 15 corporate division jobs in Glasgow are expected to be lost through restructuring.

Managers recently briefed staff in “at-risk” roles outlining options for redeployment and redundancy.

A spokesman for Lloyds in Scotland said: “We will try really hard to redeploy them elsewhere in the company. It will be a gradual process and, obviously, some people will be lost naturally through retirement or because they want to leave and put themselves forward for voluntary redundancy. We will do everything possible to avoid compulsory redundancies.”

The Unite union, which represents staff at Lloyds, said it was outraged at the latest job losses.

This just goes onto show that the expectation from the government for the private sector to create job losses in the public sector is far from reality and a lot needs to be done in the short term to boost the confidence of businesses and entrepreneurs.

“Good protection is never a bad idea”, says Stuart Boseley, Director Best Insurance. He added that at such times of uncertainty in the jobs market, if anyone has a mortgage to pay or school fees that depends on their monthly income, it is prudent to take adequate income protection or mortgage protection insurance rather than just gamble hoping it will all be fine”